United Projects Co for Aviation Services KSCC (KUW:UPAC) Beneish M-Score : -2.75 (As of May. 27, 2024)

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What is United Projects Co for Aviation Services KSCC Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United Projects Co for Aviation Services KSCC's Beneish M-Score or its related term are showing as below:

KUW:UPAC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.46 Max: 0.65
Current: -2.75

During the past 13 years, the highest Beneish M-Score of United Projects Co for Aviation Services KSCC was 0.65. The lowest was -3.19. And the median was -2.46.

United Projects Co for Aviation Services KSCC Beneish M-Score Historical Data

The historical data trend for United Projects Co for Aviation Services KSCC's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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United Projects Co for Aviation Services KSCC Beneish M-Score Chart

United Projects Co for Aviation Services KSCC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.46

-2.18

-2.78

-2.50

-2.91

United Projects Co for Aviation Services KSCC Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.55	-2.46	-2.81	-2.91	-2.75

Competitive Comparison of United Projects Co for Aviation Services KSCC's Beneish M-Score

For the Airports & Air Services subindustry, United Projects Co for Aviation Services KSCC's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

United Projects Co for Aviation Services KSCC's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, United Projects Co for Aviation Services KSCC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where United Projects Co for Aviation Services KSCC's Beneish M-Score falls into.

United Projects Co for Aviation Services KSCC Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of United Projects Co for Aviation Services KSCC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.91

0.528 * 0.9987

0.404 * 0.9814

0.892 * 0.9584

0.115 * 1.0018

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1873

4.679 * -0.015339

0.327 * 1.1245

-2.75

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was KWD2.18 Mil.
Revenue was 2.237 + 2.423 + 2.658 + 2.464 = KWD9.78 Mil.
Gross Profit was 1.938 + 2.155 + 2.346 + 2.186 = KWD8.63 Mil.
Total Current Assets was KWD9.68 Mil.
Total Assets was KWD233.33 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD0.87 Mil.
Selling, General, & Admin. Expense(SGA) was KWD1.91 Mil.
Total Current Liabilities was KWD125.08 Mil.
Long-Term Debt & Capital Lease Obligation was KWD0.00 Mil.
Net Income was 0.617 + -1.999 + 2.945 + -0.001 = KWD1.56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = KWD0.00 Mil.
Cash Flow from Operations was 0.741 + 1.226 + 2.91 + 0.264 = KWD5.14 Mil.

Total Receivables was KWD2.50 Mil.
Revenue was 2.596 + 2.545 + 2.622 + 2.444 = KWD10.21 Mil.
Gross Profit was 2.285 + 2.228 + 2.342 + 2.133 = KWD8.99 Mil.
Total Current Assets was KWD4.76 Mil.
Total Assets was KWD203.58 Mil.
Property, Plant and Equipment(Net PPE) was KWD0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was KWD1.84 Mil.
Selling, General, & Admin. Expense(SGA) was KWD1.68 Mil.
Total Current Liabilities was KWD97.05 Mil.
Long-Term Debt & Capital Lease Obligation was KWD0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2.183 / 9.782)	/	(2.503 / 10.207)
	=	0.223165	/	0.245224
	=	0.91

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(8.988 / 10.207)	/	(8.625 / 9.782)
	=	0.880572	/	0.881722
	=	0.9987

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (9.683 + 0.003) / 233.328)	/	(1 - (4.758 + 0.003) / 203.578)
	=	0.958488	/	0.976613
	=	0.9814

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	9.782	/	10.207
	=	0.9584

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(1.838 / (1.838 + 0.003))	/	(0.865 / (0.865 + 0.003))
	=	0.99837	/	0.996544
	=	1.0018

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1.907 / 9.782)	/	(1.676 / 10.207)
	=	0.19495	/	0.164201
	=	1.1873

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 125.079) / 233.328)	/	((0 + 97.046) / 203.578)
	=	0.536065	/	0.476702
	=	1.1245

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1.562 - 0	-	5.141)	/	233.328
	=	-0.015339

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

United Projects Co for Aviation Services KSCC has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

United Projects Co for Aviation Services KSCC Beneish M-Score Related Terms

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United Projects Co for Aviation Services KSCC (KUW:UPAC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » United Projects Co for Aviation Services KSCC (KUW:UPAC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Kuwait International Airport, Mezzanine Parking, P. O. Box 27068, Safat, Kuwait, KWT, 13131

Website

https://www.upac.com.kw

United Projects Co for Aviation Services KSCC is a Kuwait-based company. Its services include project management and consultancy, real estate development, and property and facilities management. The company's services are used by retailers, food and beverage companies, airline companies, and financial institutions. The company operates in two business segments. Investments consist of investing in Reem Mall and surplus funds in investment portfolios. Service operations consist of managing projects and providing airplane ground and cleaning services among other services. The service operations segment generates maximum revenue for the company. Their projects portfolio includes Airport Mall and Facilities, Sheikh Saad Terminal, Discovery Center, and Reem Mall.

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